Barring any last-second deal, the deficit-reduction super committee is planning to admit its failure on Monday afternoon in a written, paper announcement—and likely won’t face the cameras or the nation, as a group.
Such a joint statement from the panel’s six Republicans and six Democrats is not expected to be released until late afternoon. The announcement may be delayed until after the close of the markets for the day.
Sources with knowledge of the committee’s activities say the panel will throw in the towel barring any last-second deal on Monday because it won’t reach agreement in finding at least $1.2 trillion in deficit savings by its Wednesday deadline.
The inability to reach agreement means $1.2 trillion in automatic cuts are to be triggered beginning in January 2013, including military spending.
As of Monday morning, aides said there were no indications the Joint Select Committee On Deficit Reduction would hold a press conference, as a group, where members could be called to the microphones to field questions about what went wrong.
The panel has conducted much of its work over the past two months behind closed doors.